“Actually Russian markets are partaking in something of a relief rally this morning, with the rouble stronger, credit tighter and the Russian stock market higher, which is a reflection of a range of factors:

First, relief that the latest sanction iteration was not worse, and did not extend to existing debt/equity holdings, only future long term financing.
The line perhaps - if this is the worse you can do from a market perspective, "bring it on."

Herein there is an underlying sense that the West still does not really want to bite the bullet and roll out a meaningful sanctions regime - it has the tool kit to hurt Russia, but would rather not for fear of the collateral damage back to its own business interests …. “